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Rediff.com Reports Results For The Third Quarter Ended December 31, 2011

For the quarter ended December 31, 2011, our India online revenues remained at the same level sequentially and declined by 7% on a year on year basis in rupee terms. However, a 14% decline in the Indian Rupee as compared to the US dollar is reflected in a decline in India online third quarter revenue by 18% on a year on year basis in dollar terms. Further, our third quarter US revenues remained at the same level sequentially and declined by 19% on year on year basis.

Despite the reduction in revenues, we have managed to optimize our cost structure, resulting in EBIDTA which was approximately at the same level as that in the quarter ended December 31, 2010. Excluding a onetime gain, Net loss for the quarter ended December 31, 2011 was $1.95 million compared to a Net loss of $1.80 million for the same quarter in 2010.

In our core online advertising business, Rediff continues to be a leading player and commands a 34% reach among Indian Internet users, as reported by ComScore Media Metrix. Several sectors in which our advertisers operate are going through difficult times, especially the financial services, insurance and telecom sectors. However, we remain positive about the long term growth opportunity presented by the Indian Internet market, and even more so today, based on the broadband and 3G initiatives by both Government and Industry. While still in the infant stages of deployment, we are seeing increased activity in the market today.

We see opportunities for growth in adjacent markets and have made investments in some key businesses, namely e-commerce and Daily Deals, Paid mail service for SMEs and Local TV advertising.

In the ecommerce and Deals market, which recently saw a spurt in activity, we are strengthening our market position with limited investments by focusing efforts on service, delivery and operational process improvements. We are striving to improve delivery time and our pan-India coverage. The branded products are now visible upfront and discoverable through search and suggest features, and we have activated a toll free number for shopping customers. Additionally vendor Performance metrics have been implemented based on critical parameters of customer satisfaction.

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